Reinsurance News
FEMA secures $1.153bn of NFIP flood reinsurance for 2021
5th January 2021
The U.S. Federal Emergency Management Agency (FEMA) has secured $1.153 billion of flood reinsurance for the National Flood Insurance Program (NFIP) for 2021, at a premium of $195.8 million. It was announced in September of 2020 that FEMA had returned to the traditional reinsurance market and commenced the procurement of ... Read the full article
Ambac Financial Group to acquire 80% of Xchange
5th January 2021
Ambac Financial Group has entered into an agreement to acquire 80% of the membership interests of each of Xchange Benefits and Xchange Affinity Underwriting Agency, collectively Xchange. P&C Managing General Underwriter (MGU) Xchange will continue operating under its existing brand as it seeks to expand its underwriting partnership with its key ... Read the full article
Zurich Malaysia appoints Khoo Ai Lin as CEO
5th January 2021
Zurich Malaysia has appointed Khoo Ai Lin as the new Chief Executive Officer (CEO) of Zurich Life Insurance Malaysia (ZLIM), according to New Straits Times. In this role, Ai Lin will be responsible for leading and executing Zurich Malaysia's strategic priorities to grow its life insurance business. She succeeds Stephen Clark, who ... Read the full article
Focus on exclusions drove late Jan 1 renewals: James Vickers, Willis Re
4th January 2021
Although renewal negotiations started off early, challenges around exclusionary language as reinsurers continued to respond to the pandemic, resulted in a late January 1st, 2021 renewals, according to James Vickers, Chair, Willis Re International. In an interview with Reinsurance News around the launch of reinsurance broker Willis Re’s latest 1st View ... Read the full article
NN Group completes integration of VIVAT non-life business
4th January 2021
Following regulatory approval, Dutch insurer NN Group has completed the integration of VIVAT Non-life into its non-life business unit. NN Group acquired the VIVAT Non-life business as part of a larger transaction that saw Athora purchase VIVAT N.V. from China’s Anbang Group. First announced in June 2019, the deal signalled ... Read the full article
Core Specialty bolsters property division with key hires
4th January 2021
Recently-launched specialty insurance carrier Core Specialty has made several key appointments within its property division, led by Alison Oliphant. David Phillips and Christopher Muller join as Senior Vice Presidents of Property Underwriting. Phillips was most recently E&S Property Head for Pioneer Underwriting and before that served at Maxum Specialty E&S Property. Muller arrives from ... Read the full article
NMI Holdings outlines new quota share reinsurance cover
4th January 2021
Mortgage insurance specialist NMI Holdings has secured new quota share reinsurance coverage for its subsidiary, National Mortgage Insurance Corporation (National MI). Under the new agreement, National MI will cede 22.5% of its primary new insurance written for the period from January 1, 2021 through December 31, 2021 to a panel of ... Read the full article
Genworth’s focus shifts to contingency plan as Oceanwide merger stalls
4th January 2021
Genworth Financial and China Oceanwide Holdings Group have revealed uncertainty around the completion of their long-delayed merger agreement, leading mortgage insurer Genworth to focus on its contingency plan. The proposed acquisition of control by Oceanwide of Genworth’s New York-based insurance company, Genworth Life Insurance Company of New York, had initially been ... Read the full article
Santam to assess rejected COVID-19 BI claims
4th January 2021
South African insurer Santam is set to commence the process for assessing claims for policies with contingent business interruption (CBI) extensions. The claims assessment process applies to policies impacted by the recent judgment in the Western Cape High Court in the case between Santam and hospitality firms Ma-Afrika Hotels and Stellenbosch Kitchen ... Read the full article
Pure property catastrophe bonds push market to record high in 2020: Report
4th January 2021
More than $11 billion of pure property catastrophe bond issuance, alongside another active year for mortgage insurance-linked securities (ILS) deals, helped the catastrophe bond and related ILS marketplace break records in 2020, according to Artemis. The recently published Q4 2020 catastrophe bond and ILS market report from our sister ... Read the full article
Core Specialty names Tyburski as Co-Head, Personal Lines Fronted Programs
4th January 2021
Recently launched specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has hired Adam Tyburski as Co-Head of Personal Lines Fronted Programs, effective January 2021. As Co-founder and most recently Chief Underwriting Officer (CUO) of Spinnaker Insurance Company, Tyburski brings extensive industry experience to Core Specialty. During his time with Spinnaker, he served ... Read the full article
AJG a good fit for Willis Re if regulators force sale: KBW
4th January 2021
Analysts at KBW have pointed to Arthur J Gallagher as a likely buyer of Willis Re, if the investigation currently being carried out by EU regulators forces Aon and Willis Towers Watson (WTW) to make divestitures ahead of their planned merger. The European Commission (EC) confirmed last month that it ... Read the full article
Lemonade hits one million customer milestone
4th January 2021
Insurtech start-up Lemonade has announced that it reached more than one million customers in 2020, 1,500 days after its initial launch. This milestone follows the company's recent expansion into France, a move that introduced its artificial intelligence-driven solutions to a third European country. Lemonade has noted how the one million customer ... Read the full article
Catalina Re hires Tom Duggan as Senior Investment Manager
4th January 2021
Catalina Re, the reinsurance arm of Bermuda-based insurance and reinsurance run-off and legacy specialist, Catalina Holdings, has appointed Tom Duggan as Senior Investment Manager. Duggan joined Catalina Re in January, 2021 from his role as Senior Vice President (SVP), Manager Research, at investment consultancy Redington. During his time with Redington, which commenced ... Read the full article
Reinsurers halted downward trends in 2020, says Willis Re
4th January 2021
Despite the ongoing impact of COVID-19, reinsurers have largely halted the persistent downward trends which characterised recent years, according to a new report from Willis Re. On the buying side, Willis Re states that the efficient working of the global reinsurance market ensured that terms and conditions have been less of ... Read the full article
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